Home Ownership
As part of its effort to increase homeownership and distribute city assets more equally, the City of Roanoke initiated the Gateways to Homeownership Program in the fall of 2003. It consists of the Mortgage Assistance Program (MAP), which assists low-to moderate-income homebuyers with down payment and closing costs up to $8,000 per homebuyer. Available loan funds provide up to 50% of the required down payment and reasonable closing costs. Loan costs are 0% and the payments may be deferred for eligible homebuyers. The second facet of the Gateways to Homeownership program is the Community Improvement Program (CIP), which is also aimed at helping low- to moderate-income city residents buy homes within the city as well as encourage investment in older neighborhoods. CIP provides up-front capital for the acquisition and/or grading of vacant lots, the acquisition and demolition of vacant, derelict structures, or the acquisition of a derelict structure that is suitable for rehabilitation within the City. The loan, up to $20,000 per lot, is structured at an interest rate of 1% (applicable if converting multi-family units back to a single-family residence) up to 4%. The loan repayment is due to the City of Roanoke within 2 years after loan closing.